Markit Ltd. (NASDAQ: MRKT) is a multinational provider of financial information services, headquartered in London, England, and registered in Bermuda.
It went public on the NASDAQ Global Select Market on May 5, 2014, under the stock ticker symbol ‘MRKT’ – at an initial pricing of $24 per share.
Markit says that its products and services “enhance transparency, reduce risk, and improve operational efficiency in the financial markets.”
The company is comprised of three main business divisions:
Information – provides pricing data, reference data, indices, and analytical tools for a number of different markets and asset classes.
Processing – offers processing solutions for over-the-counter (OTC) derivatives, Foreign Exchange, syndicated loans and Know Your Customer documentation.
Solutions – provides managed services and technology platforms focused on helping clients analyze information, meet regulatory requirements, and mitigate risk.
Markit’s products are primarily sold to banks, central banks, regulators, auditors, asset managers, fund administrators, insurance companies, and hedge funds.
The company was founded by Lance Uggla in 2003. It initially focused on providing daily credit default swap (CDS) pricing. Since its inception the company has enjoyed significant growth (organically and through acquisitions).
For the years ended December 31, 2011, 2012 and 2013, Markit generated revenue of $762.5 million, $860.6 million and $947.9 million, respectively.
Markit Ltd. – Company Overview
- Chairman and CEO: Lance Uggla
- President: Kevin Gould
- CFO: Jeff Gooch
- Type: Public
- Industry: Financial Services
- Publicly listed on the NASDAQ Global Select Market
- NYSE stock ticker symbol: MRKT
- S&P 500 Component
- Revenue: $947.9 million USD (2013)
- Net profit: $147.00 million USD (2013)
- Diluted earnings per share: $3.37 USD (2013)
- Founded: 2003
- Founder(s): Lance Uggla
- Employees: 3,200 (2013)
- Corporate headquarters: Ropemaker Place, 4th Floor, 25 Ropemaker Street London, UK
- Corporate contact number: +44 20 7260 2000
- Investor relations contact number: +44 20 7260 2397
- Investor relations email address: [email protected]
- Website: http://www.markit.com/
Markit Ltd. – Live Stock Market Data
Markit Ltd. – Financial Results
| Operating data (in $ millions) | 2013 | 2012 |
| Revenue | $947.9 | $860.6 |
| Operating expenses | $(515.1) | $(454.0) |
| Operating profit | $230.1 | $224.7 |
| Profit for the period | $147.0 | $153.1 |
| Profit attributable to equity holders | $125.0 | $139.4 |
| Balance sheet data (in $ millions) | ||
| Total assets | $3,199.9 | $3,151.3 |
| Total equity | $2,055.9 | $1,929.7 |
| Cash flow data (in $ millions) | ||
| Net cash provided by operating activities | $339.8 | $340.6 |
| Net cash used in investing activities | $(479.6) | $(170.6) |
| Net cash provided by (used in) financing activities | $99.4 | $(203.9) |
| Cash and cash equivalents at end of period | $75.3 | $110.2 |
| Common share data (in $) | ||
| Basic earnings (loss) per common share | $3.40 | $3.43 |
| Diluted earnings (loss) per common share | $3.37 | $3.41 |
Source: “Markit Ltd. 2013 FORM 10-K Annual Report”
Markit Ltd. News
June 19, 2014: Markit went public on the NASDAQ Global Select Market under the “MRKT” symbol. It raised $1.28 billion, with shares offered at $24, giving the company a market capitalization of approximately $4.5 billion.